PPP Loan Basics
The fact is that PPP loan info is all changing on a regular basis. Please listen to your CPA, bank or lender as they will be the most help to you. This information is provided as a summary and teaching guide. Nothing in this document is intended as legal or tax advice. If you need legal advice, please consult an attorney. If you need tax advice, talk to your CPA. We make no warranties or representations, express or implied, about whether the information provided is current.
The Books! and GO! have have spent over 16 hours doing PPP research and with the help of CPA Rene Tornberg we have compiled a pdf and excel document to help you track your PPP forgiveness.
Many thanks to our collaborators:
Christee Sinclair, The Books!
Rene Tornberg, CPA, Tornberg Larson LLC
Question: How will SBA review borrowers’ required good-faith certification concerning
the necessity of their loan request?
Answer: When submitting a PPP application, all borrowers must certify in good faith
that “[c]urrent economic uncertainty makes this loan request necessary to support the
ongoing operations of the Applicant.” SBA, in consultation with the Department of the
Treasury, has determined that the following safe harbor will apply to SBA’s review of
PPP loans with respect to this issue: Any borrower that, together with its affiliates,20
received PPP loans with an original principal amount of less than $2 million will be
deemed to have made the required certification concerning the necessity of the loan
request in good faith.